Indo-Latvian relations are cordial and are warming up though there is room for improvement on the trade and economic front. Trade and investment is steadily increasing between the two countries. The relations between India and Latvia are friendly and wide ranging. Latvia is envisaged as the nation that occupies a pivotal position as gateway to the opportune Baltic market. Latvian leadership at all levels is keen to strengthen relationship with India and would like to see this relationship grow. Consequent to the Latvia's accession to the EU, Latvia has been promised EUR 5.7 billion grants over seven years for supporting various projects for which any company in a joint venture with a Latvian company would be eligible. This along with the investment friendly policies of the Latvian government provides great opportunity for Indian firms to make forays in the Latvian market.

Trade figures:

Department of CommerceExport Import Data BankCountry - wise

Dated: 21/03/2018 Values in US $ Millions

Country: LATVIA

S.No.

Year

2012-2013

2013-2014

2014-2015

2015-2016

2016-2017

1.

EXPORT

104.08

102.08

98.12

79.50

115.60

2.

%Growth

-1.92

-3.88

-18.98

45.41

3.

India's Total Export

300,400.58

314,405.30

310,338.48

262,290.13

275,851.71

4.

%Growth

4.66

-1.29

-15.48

5.17

5.

%Share

0.03

0.03

0.03

0.03

0.04

6.

IMPORT

73.63

103.89

36.22

61.57

39.65

7.

%Growth

41.10

-65.14

70.00

-35.61

8.

India's Total Import

490,736.65

450,199.79

448,033.41

381,006.63

384,355.56

9.

%Growth

-8.26

-0.48

-14.96

0.88

10.

%Share

0.02

0.02

0.01

0.02

0.01

11.

TOTAL TRADE

177.71

205.97

134.34

141.07

155.25

12.

%Growth

15.90

-34.78

5.01

10.05

13.

India's Total Trade

791,137.23

764,605.09

758,371.89

643,296.75

660,207.28

14.

%Growth

-3.35

-0.82

-15.17

2.63

15.

%Share

0.02

0.03

0.02

0.02

0.02

16.

TRADE BALANCE

30.45

61.91

17.93

75.95

17.

India's Trade Balance

-190,336.07

-135,794.49

-137,694.93

-118,716.50

-108,503.85

Note:The country's total imports (S.No.6) since 2000-2001 does not include import of Petroleum Products (27100093) and Crude Oil (27090000)

DOC-NIC

Potential for Indian Exporters in Latvia

Chemical and allied products, foodstuffs and textiles have traditionally been Indian strongholds among our export products to Latvia. As there is a huge demand for these products so India can continue to build on its position to increase its stake in these areas in total Latvian imports.

In recent years there has been increase in demand for oils & fats in Latvia. India's share has also increased in total Latvian imports.

Export of vegetables is another area where more efforts can be made to increase India's share as India has lot to offer in this area.

There is a sizeable market for footwear etc in Latvia.

ICT remains the pivotal area where India can collaborate with the Latvian companies. Potential areas of cooperation and trade/investment include: